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LONG-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply, or LRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.

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LIABILITY: Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.

     See also | loan | bank | budget | asset | interest rate |


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AGGREGATE DEMAND SHIFTS

Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.

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Today, you are likely to spend a great deal of time at an auction wanting to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for strangers with large satchels of used undergarments.
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John Maynard Keynes was born the same year Karl Marx died.
"It is not fair to ask of others what you are unwilling to do yourself. "

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